What happens if cannabis moves to a lower-risk drug tier?

UPDATE: In light of the breaking news on April 30, 2024, that DEA will move to reschedule marijuana to Schedule III, it is critically important that cannabis operators begin to take steps to prepare their business for the implications of rescheduling. This episode of Dykema's A Higher Law podcast published October 3, 2024, discusses the implications of rescheduling marijuana from Schedule I to Schedule III. Even though rescheduling is likely still several months away from taking effect, Dykema Cannabis attorneys encourage all cannabis operators to start discussing the implications of rescheduling with their legal counsel and CPA team now to start planning.

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A recent recommendation from U.S. health officials could move marijuana from a Schedule I substance to a Schedule III substance before the end of the year. Perhaps the largest impact of this move would be the way cannabis businesses are taxed, as they’d no longer be subject to Internal Revenue Code 280E (IRC 280E). Lance Boldrey (leader of Dykema’s Cannabis group) and John Fraser (Michigan Team Leader of Dykema’s Cannabis group) are joined by Scott Kociensk of Dykema’s Federal Tax group to discuss the implications this could unlock for the industry.  

To hear more episodes, be sure to subscribe to Dykema’s YouTube channel, the Cannabis Law Blog, or by searching “A Higher Law” wherever you get your podcasts.